No qualified bids for Atlantic City's Revel: Report

The bankrupt Revel Casino and Resort in Atlantic City has yet to receive any qualified bids for its Thursday auction, an unnamed source told NBC10 in Philadelphia.

The board of directors for the $2.4 billion complex plans to meet on Monday to discuss next steps, including potentially closing the building in the wake of no qualified bids, NBC10 reported. In July, Atlantic City's mayor said there were six prospective buyers, but none have apparently placed offers that the board finds satisfactory, according to the station.

Revel's auction had already been postponed one week to allow for more time to review bids, court filings indicated.

Source: revelresorts.com

The postponement notice filed with U.S. Bankruptcy Court in Camden, New Jersey, did not identify bidders, or say how many qualified bids Revel had received. There is no initial, or stalking horse, bidder for the auction.

"The debtors still need additional time to fully analyze and evaluate the bids received and are not prepared to go forward with the schedule auction," the filing said.

The resort cost $2.4 billion to build and opened in April 2012. It was a centerpiece of New Jersey Governor Chris Christie's effort to bring Las Vegas gambling to Atlantic City and rejuvenate the seaside resort's declining fortunes.

Atlantic City has been hard hit by new gaming options in nearby Pennsylvania and Delaware. The Atlantic Club casino closed in January, and the Showboat and Trump Plaza casinos have said they plan to close in the coming weeks, costing thousands of jobs.

Revel has said it is losing $2 million a week, even in the busier summer season.

Qualified bidders for Revel were required to provide a cash deposit of 10 percent, proof of finances to complete the deal and evidence they could obtain necessary licenses. Bids would also be considered for portions of business, according to court documents.